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Hospital Doctor News

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What is an Enterprise Investment Scheme and what are the benefits?

EIS: A brief background In 1994, the Government launched a scheme called ‘The Enterprise Investment Scheme’ or EIS for short, and this scheme was created in order to encourage individuals to invest in companies that were in the early stage of their lifespan. It was...

Tax payment due 31 July – have you paid?

If you are self-employed or registered for Self-Assessment, then you may be required to make a tax payment by 31 July. This relates to the second instalment on account for the 2016/17 tax year. How do I pay? HMRC offer a number of ways to make your July...

Making Tax Digital: Government delays introduction

Tax expert Craig Walker comments on the latest twist to the government’s plans for Making Tax Digital (MTD). New timetable Ministers have announced a delay to the roll out of MTD to ensure businesses have more time to adapt to the changes. Implementation...

The Election result: What are the tax implications?

The general election has ended in a hung parliament – the Conservative party have the most seats but do not have an overall majority. Theresa May has announced that she will form a government with the support of the Democratic Unionist Party (DUP). What does this...

Making Tax Digital: An update

What is Making Tax Digital? MTD is the biggest shake-up of the personal tax system in 20 years and will fundamentally change the way taxpayers report to HM Revenue & Customs (HMRC) and keep their business records. Taxpayers will be required to keep records digitally...

Hawsons Hot Pension Planning

As we approach the end of the 2016/17 tax year, there are real opportunities to add value to your overall tax planning process. In the lead up to the 5 April 2017, the payment of contributions to a registered pension scheme can bring many tax advantages, as the...

Tax Rates and Allowances 2017/18

Tax Rates and Allowances 2017/18 Many of the tax rates and allowances are fundamental to our business and personal lives and the most important ones for the 2017/18 tax year are summarised here. We are sure that you will find it a useful point of reference throughout...

Budget 2017 Key Details and Summary

Philip Hammond presented his first and last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Hawsons year end tax planning ideas

The tax system is undoubtedly complex, but this complexity shouldn't deter you from keeping your taxes as low as possible, as well as maximising your net income. In this article, we look at pre 5th April tax planning opportunities that are available to avoid any...

Spring Budget 2017: Predictions

Philip Hammond will deliver his Spring Budget on 8 March. This will be the first and last ever Spring Budget, as the main tax announcements will be switched to the autumn in future. But what can we expect when the Chancellor delivers his speech next week? Craig...

Making Tax Digital: Full steam ahead

The public consultation on the Making Tax Digital (MTD) project has failed to change HMRC’s plans in any significant way.  The timetable for implementation of MTD remains April 2018 and the income threshold for inclusion in the programme remains at £10,000. What is...

Canny romantics: The tax benefits of marriage

Considering popping the question on Valentine’s Day?  Here we look at some of the tax breaks married couples can benefit from and how it can pay to get hitched. 1. The Marriage Allowance The Marriage Allowance can enable eligible married couples and civil partners to...

2016 Autumn Statement – what you need to know

On Wednesday 23rd November the Chancellor Philip Hammond presented his first and last Autumn Statement. The Chancellor’s announcements are summarised below. Our summary also provides a reminder of other key developments which are to take place from April 2017. Over...

The Autumn Statement 2016 predictions

The Autumn Statement 2016 on Wednesday is set to be an important event.  It will be the Chancellor’s first opportunity to outline his plans for taxes & spending in the wake of the Brexit vote. But what tax changes can we expect in the upcoming Autumn Statement?  Craig...

How to recognise fake HMRC emails and other phishing scams

Phishing is the fraudulent act of emailing a person in order to obtain their personal/financial information such as passwords and credit card or bank account details. These emails often include a link to a bogus website designed to encourage the unwary to enter their...

The Autumn Statement and a busy time ahead for the tax system

The Autumn Statement on 23rd November is set to be an important event. We have a new Prime Minister and Chancellor of the Exchequer with a potentially different slant on economic policy than their predecessors. There is also the need to deal with the impact of Brexit....

Offshore evaders given final opportunity to disclose tax to HMRC

HMRC has launched its final opportunity to give those with offshore income and assets the chance to disclose any unreported UK tax liabilities. New international collaboration will allow HMRC to obtain more information about overseas accounts and the government has...

Inheritance tax receipts increase by 22% to £4.7 billion in 2015/16

Recent figures published by HMRC show Inheritance Tax (IHT) receipts have reached their highest level since the current system was introduced in 1986. HMRC collected a total of £4.7 billion in 2015/16, an increase of 22% compared to the previous year. Receipts have...

Brexit: impact on investments, pensions and tax

On 23rd June 2016 the UK voted to leave the European Union. Brexit has created an air of uncertainty and no one really knows what’s coming next or what it could all mean in the long term; however, many individuals are rightly concerned about what the UK's decision to...

Brexit: tax implications as the UK votes to leave the EU

From the argument over selling bendy bananas to the threat of an emergency Budget, the EU referendum campaign has undoubtedly had its share of the headlines over the past couple of months. The biggest headline now though is of course that the UK has voted to leave the...

Gift Aid rules 2016 – new Gift Aid declaration wording for donors

The Gift Aid scheme is now 25 years old and is worth a great deal to the charity sector. In its first year charities benefited from £10 million of tax savings but, with substantial increases, the savings were worth nearly £1.2 billion in 2014/15. However, HMRC is...

4 reasons to file your 2016 self assessment tax return early

Although we are only just into the new tax year and it may be tempting to put off preparing your self assessment tax return until later in the year, the summer might actually be the perfect time to complete your tax return and get your tax affairs up to date. In my...

One year on from the 2015 new pensions rules – key stats

According to HMRC figures released last month, over 230,000 people have used the new pension rules, introduced one year ago, to access over £4.3bn in pensions saving. Since the pension flexibility rules took effect from 6 April 2015: 232,000 individuals have accessed...

Company car tax: is a company car still a tax efficient option?

Company car tax efficiency is at the forefront of many business owners and employees’ minds and, whether you’re thinking of purchasing your first company car or upgrading an old one, it is important to understand the pros and cons of company car tax. It may come as a...

Personal allowances and tax bands for 2016/17

Under the current rules for those born after 5 April 1938 the personal allowance is currently £10,600, whilst those born before 6 April 1938 have a slightly higher allowance (read more about personal allowances by age below). In 2016/17, the personal allowance will...

The new Lifetime ISA – details beyond the tax free headlines

One of the more welcome announcements for individuals and "the next generation" from the recent 2016 Budget was the introduction of the new Lifetime ISA in April 2017. This is a new measure aimed at helping those under 40 save for their retirement and/or the purchase...

Budget 2016 summary and key details

George Osborne presented the first Spring Budget of this Parliament on Wednesday 16 March 2016. In his speech the Chancellor reported on ‘an economy set to grow faster than any other major advanced economy in the world’. Towards the end of last year the government...

Tax Rates and allowances 2016/17 – summary and details

Tax Rates and Allowances 2016/17 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2016/17 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

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